Terms & Conditions

General

The submission of information to, and use of, the real estate information services (collectively, the "Service") available through the ReisReports web site (located at www.ReisReports.com) is subject to the following Terms and Conditions. These Terms and Conditions are a legal agreement between you, the end user customer (the "User"), and Reis Services, LLC ("Reis"). By submitting information to, or accessing information from, the Service, the User agrees to these Terms and Conditions and the User also agrees to the ReisReports Privacy Policy. SPECIAL PROVISION FOR INDIVIDUALS WHO ARE NOT REGISTERED USERS: All Content (as defined below) generated by the Service contains a notice referring recipients of that Content to these Terms and Conditions. If you are a recipient of, or otherwise in possession of, any Content, but not a registered User (as defined below), please see "Restrictions on Non-Users" below, for provisions with which you must comply.

If the User does not agree to these Terms and Conditions and to the Privacy Policy, he or she should not submit information to, or access information from, the Service. All questions concerning the Service, these Terms and Conditions or the Privacy Policy should be directed to: General Counsel, Reis Services, LLC, 1185 Avenue of the Americas, 30th Floor, New York, NY 10036, or by email to: support@reisreports.com. Reis may update these Terms and Conditions at any time and without notice. It is the User's responsibility to check periodically for any changes we may make to these Terms and Conditions. The User's continued use of the Service following the posting of changes to these Terms and Conditions means that the User accepts the changes. Regardless of any cancellation, termination or cessation of use of the Service, these Terms and Conditions (as then in effect) shall continue to apply to the User, with respect to actions taken, or Content accessed prior to such cancellation, termination or cessation, and the User shall continue to comply with these Terms and Conditions following such cancellation, termination or cessation. The latest version of these Terms and Conditions will be available on the ReisReports web site.

Reis is continuously updating and changing the Service, and reserves the right at any time and from time to time to modify or discontinue, temporarily or permanently, the Service (or any part thereof) with or without notice. You agree that Reis shall not be liable to you or to any third party for any modification, suspension or discontinuance of the Service (or any part thereof).

User Privileges and Restrictions

Each User must register for User privileges at the ReisReports web site. User privileges are granted by Reis specifically and solely to the subscribing registered individual. User privileges cannot be assigned, sublicensed, distributed, shared, viewed, accessed, or otherwise transferred, to anyone other than the individual registered User without the express written permission of Reis. Users are not permitted to share their individual login information with others. In addition, at registration, Reis collects information regarding individual Users' company, organization or firm affiliation.

Reis imposes restrictions on registration as follows:

No individual working at, or engaged for the benefit of, any company, organization or firm (including affiliates) with more than ten (10) employees may register for the Service.

No individual working at, or engaged for the benefit of, any company, organization or firm (including affiliates) with annual revenues in excess of $5,000,000 or assets under management of $50,000,000 may register for the Service.

No individual working at, or engaged for the benefit of, any private equity fund or hedge fund may register for the Service.

No more than three (3) individuals working at, or engaged for the benefit of, any one company, organization or firm (including affiliates) may be registered Users of the Service at any one time.

Reis has the right to refuse service to any individual, company, organization or firm (and all Users or other companies, organizations or firms associated or affiliated with such company, organization or firm) that refuses to abide by these Terms and Conditions or abuses his, her or its rights related to the Service.

No employee, independent contractor, agent, or affiliate of a competing real estate information service is permitted to access any of the password-protected areas of the ReisReports web site without express written permission from Reis.

Reis requires that each registered User maintain a valid email address and a password, which shall be utilized for logging in to the Service. Reis uses email as a vital and primary communication channel with Users. Each User acknowledges and grants Reis the permission to communicate with him or her via email (as well as other communication channels such as U.S. mail, telephone and facsimile, to the extent such information is provided to Reis by the User) for any purposes Reis determines to be relevant including, but not limited to, system messages, product updates, service announcements and other marketing messages. Reis will use reasonable efforts to honor a User's request to opt out of marketing messages, but under no circumstances will Reis have any liability for sending any communications to its Users. The User acknowledges and agrees that Reis may record telephone and other electronic communications it has with the User for Reis's internal business purposes, including but not limited to training and quality assurance purposes. Reis reserves the right to use any reasonable methods to monitor usage and IP address location or similar information to enforce the provisions of these Terms and Conditions.

Ownership and License Grant

Reis retains all rights (including Intellectual Property Rights, as defined below), title and interest in the ReisReports web site, its underlying technology and the Content. All rights in the Service and the Content not explicitly granted under these Terms and Conditions are expressly reserved by and to Reis. User will not and will not allow others to: reverse engineer, decompile, disassemble, merge, copy, use, disclose, sell or transfer the underlying source code or structure or sequence of Reis's technology or delete or alter author attributes or copyright notices. User shall use the Reis system solely for his or her own use and shall not allow others to use the Reis system under or through that User's login ID/email and password.

"Intellectual Property Rights" means all intellectual property rights (throughout the universe, in all media, now existing or created in the future, for all versions and elements, in all languages, and for the entire duration of such rights) arising under statutory or common law, contract, or otherwise, and whether or not perfected, including without limitation, (a) all rights associated with works of authorship including without limitation copyrights, moral rights, copyright applications, copyright registrations, synchronization rights; (b) rights associated with trademarks, service marks, trade names, logos, trade dress, and the applications for registration and registrations of trademarks and service marks; (c) rights relating to the protection of trade secrets and confidential information; (d) rights analogous to those set forth in this definition and any and all other proprietary rights relating to intangible property; and (e) divisions, continuations, renewals, reissues, and extensions of the foregoing (as and to the extent applicable) now existing, later filed, issued, or acquired.

Use of Information; Restrictions

The User agrees to treat all information obtained from the Service and any information otherwise made available to the User in the Service, including any reports accessed through the Service (individually and collectively, the "Content"), as proprietary to Reis. The User shall not remove, erase, or tamper with any copyright or other proprietary notice printed or stamped on, affixed to, or encoded or recorded in or on the Service or any Content.

Reis does not ensure the accuracy of, endorse or recommend any Content and User uses such Content at the User's own risk. User may access the Content solely to obtain initial information from which further evaluation and investigation may commence. The Service, and any and all Content offered by Reis to any User, ARE PROVIDED SOLELY FOR GENERAL INFORMATION, AND DO NOT CONSTITUTE REAL ESTATE, LEGAL, TAX, ACCOUNTING, OR OTHER PROFESSIONAL ADVICE. BEFORE ACTING ON ANY INFORMATION PROVIDED BY REIS, EACH USER SHOULD CONSULT AN APPROPRIATE PROFESSIONAL.

The User shall not use or reproduce any Content that is obtained from the Service, or that is otherwise made available to User in the Service, or use the Service in any other manner, for or in connection with any other service or device for the purposes of competing with the Service. User shall not use the Service as part of any effort to compete with Reis, including without limitation using the Service to provide, alone or in combination with any other product or service, any database or other services to any third party or any use that causes or is likely to result in competition to the Service.

The User shall not use any robot, spider or other automated process to monitor, data mine or copy Reis products, services or information; decompile, decode or reverse engineer Reis software; or use Reis products or services in an unlawful manner, such as for offensive, abusive, tortious, libelous, defamatory or other illegal purposes.

Each User shall limit access to and use of the Service and the Content to the ordinary course of his or her business operations for his or her own business purposes, and shall not (i) use any information obtained from the Service for further distribution, publication, public display, or preparation of derivative works, or (ii) facilitate any of the foregoing activities in any way. Without limiting the foregoing, the User shall not, except as permitted by the immediately following paragraph, permit the posting of any Content on the Internet or otherwise permit distribution, publication or public display in a manner intended for general distribution to the public.

Notwithstanding the immediately preceding sentence, the User may, during the term of his or her subscription, in a manner otherwise in accordance with these Terms and Conditions:

copy or distribute Content, or extract insignificant portions of the Content for use in User-generated or User-developed materials (with appropriate attribution to Reis Services, LLC), for his or her own personal use with respect to project-specific presentations or reports with a limited and controlled distribution (as an example, any such distribution shall only be made to a limited group of individuals with whom the User has a prior relationship); and

distribute or display links to a Reis-hosted web site (containing the Content) that Reis may, in its sole discretion, provide to the User.

Following termination of the User's subscription, the User shall, except as permitted by the immediately following sentence, immediately cease usage, viewing, display or distribution of all Content. Notwithstanding the immediately preceding sentence, if the termination of the User's subscription does not result from a violation of these Terms and Conditions by the User, the User may, in a manner otherwise in accordance with these Terms and Conditions, for a period of six months following termination, use (or, if Reis has provided a web site link as set forth above, distribute or display a link to) any Content properly downloaded during the term of the User's subscription; provided that any such usage, distribution or display shall comply with these Terms and Conditions; and provided, further, that, no such Content shall be used, distributed or displayed with respect to listings or other projects initiated following the date of termination. Notwithstanding the first two sentences of this paragraph, in the event of termination resulting from a violation of these Terms and Conditions by the User, the User shall immediately discontinue all use, display or distribution of the Content.

Any User violating these specific terms shall be subject to immediate termination of his or her subscription and may be subject to further legal action.

Login Information and Password

Each User is required to maintain the confidentiality of his or her login information and password. The User is responsible for the activities that occur under his or her account, login information or password. Reis is not responsible for any loss or damage arising from the User's failure to maintain the confidentiality of his or her account, login information or password and/or failure to comply with these Terms and Conditions.

User Content

The Service may include opportunities for a User to submit information, data, text, photographs, images, graphics, logos and other content ("User Content") to the Service, for it to be displayed in, on, or in conjunction with, Content accessed by the User. Reis acknowledges that if a User provides Reis with any User Content, then the User retains any applicable ownership rights that he or she may have with respect to such User Content. However, the User understands that all such User Content, whether publicly posted or privately transmitted, is the sole responsibility of the person from which such User Content originated. This means that the User, and not Reis, is entirely responsible for all such User Content that he or she uploads, posts, e-mails or otherwise transmits to or via the Service.

With respect to all User Content a User elects to upload, post, e-mail or otherwise transmit to or via the Service, the User grants Reis and its affiliates a royalty-free, non-exclusive right and license to host, cache, route, transmit, store, copy, modify, distribute, perform, display, reformat the User Content in order to display the User Content in, on, or in conjunction with, Content accessed by the User, as directed by the User. The User also grants Reis and its affiliates the right to preserve any such User Content and/or to disclose such User Content to third parties, in Reis's sole discretion.

The User represents and warrants that (a) he or she owns or has the full right, power and authority to grant to Reis use of and rights in and to all User Content that he or she uploads, posts, e-mails or otherwise transmits to or via the Service; (b) his or her license of such content to Reis hereunder does not, and the use or license of such content by Reis to third parties will not, infringe any right or interest owned or possessed by any third party; (c) there are no claims, judgments or settlements to be paid by the User, or pending claims or litigation, relating to such User Content; (d) such User Content is of a business nature related to the User's business; (e) such User Content is not hateful, threatening or pornographic and does not contain nudity or depict violence in any way; (f) such User Content, when displayed in, on, or in conjunction with, the Content, will not be unlawful, misleading or malicious in any way; and (g) such User Content does not depict Reis in a negative light or otherwise conflict with or compete with Reis.

Reis is under no obligation to permit the display or other use of any such User Content and may remove any such User Content at any time in Reis's sole discretion. Upon notice from Reis, the User agrees to destroy and discontinue the display of any copies of Content containing User Content reasonably determined by Reis, in its sole discretion, to violate the immediately preceding paragraph or any other portion of these Terms and Conditions.

Payment Terms; Billing; Updated Account Information

The User agrees to pay for all products, services, information, or deliverables (collectively "Deliverables") ordered through the Service using the payment method indicated, and provides Reis express authorization to charge said fees to the User's payment provider at time of purchase or renewal. Fees owed depend on the specific type and quantity of Deliverables ordered, as agreed at the time of order. You may see a $1.00 USD "authorization hold" on your account. This is to verify that the credit card you have provided is valid. This authorization hold will be automatically cancelled within several days, depending on the bank issuing your card. If you have further questions about an authorization hold, please contact your card issuer. All fees paid are non-refundable. Payment of fees shall not be contingent on any events other than the delivery of the ordered Deliverables. Reis has the right to refuse service to any User that has delinquent charges that remain unpaid and to impose additional charges to reinstate User privileges. Any attorneys' fees, court costs, or other costs incurred in collection of delinquent undisputed amounts shall be the responsibility of and paid for by the User.

Sales tax is charged for orders for which the credit card billing address is in a state in which Reis is required to charge sales tax. Currently, Reis charges sales tax for orders for which the credit card billing address is in New York State. The amount of tax charged is based on current tax rates.

All subscriptions will automatically and continually renew at the end of the initial subscription period on a monthly basis (or as otherwise specified at the time of initial purchase or prior renewal), unless previously cancelled by the User, and the User authorizes Reis to bill the User's current credit card account number on a continuing monthly basis (or other frequency, as specified at the time of initial purchase or prior renewal). The User may confirm his or her renewal cycle and cancel his or her subscription under "My Account" on the ReisReports web site. Any cancellation, to be effective, must be initiated at least three (3) business days prior to the renewal date for the User's subscription (note, however, that all subscriptions, after any Free Trial period, are noncancellable for the first three months). All cancellation requests will be processed within five (5) business days. Once the cancellation is processed, a confirmation email will be sent via the User's email account on record with Reis. Users should contact ReisReports customer service at support@reisreports.com or at (855) 855-REIS (7347) with any questions regarding a cancellation. Reis reserves the right to change its fees, payment frequency or billing methods at any time. Reis will provide timely notice of any such changes to the affected Users.

The User may change his or her level of subscription, effective as of any new billing cycle, and otherwise as offered on the ReisReports web site or in a communication from Reis. No refunds will be given for prior periods.

It is the User's responsibility to promptly provide Reis with any contact or billing information changes or updates (including, without limitation, email address; credit card account information; company, organization or firm affiliation; and telephone number). Account updates should be made under "My Account" on the ReisReports web site.

The User must notify Reis about any billing problems or discrepancies within 90 days after charges first appear on his or her account statement. If it is not brought to Reis's attention within 90 days, the User waives his or her right to dispute such problems or discrepancies.

Refund Policy

ReisReports adheres to a strict no-refund policy. Without any exception we do not offer refunds.

Free Trial

From time to time, in Reis's sole discretion, Reis may offer a free trial period ("Free Trial") to certain individuals ("Free Trial Participants") chosen by Reis to participate in the free trial. Unless terminated sooner by Reis, the Free Trial shall last for the length of time (which may also be limited to a certain number of reports to be accessed) specified in the relevant communication from Reis to the Free Trial Participant. The terms set forth in that communication, combined with these Terms and Conditions, shall constitute an agreement between Reis and the Free Trial Participant relating to such individual's access to and use of the Service during the Free Trial. During the Free Trial, the Free Trial Participant shall be considered a User and may use the Service during the Free Trial subject to and solely in accordance with the terms outlined in the communication relating to the Free Trial and these Terms and Conditions.

Unsolicited Commercial Email (Spam)

Reis prohibits the use of the Service or its related tools to generate or send unsolicited commercial email (spam). Users may not use any link or other email service that Reis may offer to send spam (i.e. unsolicited commercial email) or otherwise send content that would violate these Terms and Conditions. Reis has the right to revoke the privileges of any User or related individual or entity that breaches these terms.

Termination

Reis reserves the right to terminate the User's subscription at any time without prior notice with or without cause. Cause for termination includes, but is not limited to, breaches or violations of these Terms and Conditions, requests by law enforcement, fraudulent or illegal activity by the User, discontinuance or material modification of Reis services, nonpayment of fees owed by the User in connection with Reis services or technical or security issues. Upon termination, Reis shall have no obligation to maintain or forward any content in the User's account.

Limitation of Liability

IN NO EVENT SHALL REIS BE LIABLE FOR ANY INDIRECT, EXEMPLARY, PUNITIVE, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES (INCLUDING, WITHOUT LIMITATION, DAMAGES FOR LOSS OF BUSINESS PROFITS, LOSS OF BUSINESS, INTERRUPTION OF BUSINESS, LOSS OF GOODWILL OR BUSINESS REPUTATION, OTHER INTANGIBLE LOSS, INACCURACIES, ERRORS OR OMISSIONS IN THE INFORMATION, PRODUCTS OR SERVICES PROVIDED, RELIANCE BY USER ON THE CURRENCY, COMPLETENESS OR ACCURACY OF INFORMATION, PRODUCTS OR SERVICES, LOSS OF USE OF DATA, LOSS OF DATA, COMPUTER VIRUSES, COMPUTER CORRUPTION, DELETION OR CORRUPTION OF CONTENT OR DATA MAINTAINED OR TRANSMITTED THROUGH THE USE OF REIS'S SERVICES, OR USER'S FAILURE TO KEEP USER'S LOGIN AND/OR PASSWORD SECURE AND CONFIDENTIAL) ARISING OUT OF THE USE OF THE SERVICE, ANY CONTENT OR THESE TERMS AND CONDITIONS. User's exclusive remedy, and Reis's entire liability, in connection with the use of the Service, any Content or these Terms and Conditions, shall be a refund to the User of the fees paid during the immediately preceding twelve months to Reis hereunder, and in no event will Reis's liability for any reason exceed such fees. Reis (and its officers, directors, members, employees and agents) shall not be liable for any damages whatsoever arising from the User's use of the Service or the Content.

Indemnification

The User agrees to indemnify Reis (and Reis's officers, directors, members, employees and agents), and hold each of them harmless from and against any and all costs, damages or losses by any of them (including, without limitation, reasonable attorneys' fees and disbursements) as a result of a claim by any person other than the User arising from the User's use or application of the Service or the Content. Some jurisdictions do not allow the exclusion of liability for certain damages. As a result, some of the exclusions above may not apply to certain Users.

Warranty Disclaimers

THE SERVICE AND CONTENT ARE PROVIDED "AS IS" WITHOUT WARRANTY OF ANY KIND. REIS MAKES NO PROMISES, REPRESENTATIONS OR WARRANTIES, EITHER EXPRESS, IMPLIED, STATUTORY, OR OTHERWISE, WITH RESPECT TO THE SERVICE OR THE CONTENT, INCLUDING THEIR CURRENCY, ACCURACY, OPERATION, CONFORMITY TO ANY REPRESENTATION OR DESCRIPTION, OR THE EXISTENCE OF ANY LATENT OR PATENT DEFECTS, AND REIS SPECIFICALLY DISCLAIMS ALL IMPLIED WARRANTIES OF MERCHANTABILITY, TITLE, QUIET ENJOYMENT, WORKMANLIKE EFFORT, NONINFRINGEMENT AND FITNESS FOR A PARTICULAR PURPOSE, WARRANTIES RELATING TO ENCUMBRANCES OR LIENS, AND, UNDER THE LAW OF THE UNITED STATES, THE IMPLIED CONDITIONS OF SATISFACTORY QUALITY AND ACCEPTANCE, AS WELL AS ANY LOCAL JURISDICTIONAL ANALOGS TO THE ABOVE AND OTHER IMPLIED OR STATUTORY WARRANTIES. REIS MAKES NO PROMISES, REPRESENTATIONS OR WARRANTIES THAT ACCESS TO REIS'S SERVICES WILL BE UNINTERRUPTED OR SECURE. ANY MATERIAL DOWNLOADED FROM REIS'S WEB SITE IS ACCESSED AT THE USER'S OWN DISCRETION AND RISK, AND CUSTOMER WAIVES ALL CLAIMS AND CAUSES OF ACTION RELATING TO ANY DAMAGE TO USER'S COMPUTER SYSTEM, INTERNET ACCESS, DOWNLOAD OR DISPLAY DEVICE OR LOSS OR CORRUPTION OF DATA THAT RESULTS FROM SUCH DOWNLOADS. NO ADVICE OR INFORMATION, WHETHER ORAL OR WRITTEN, OBTAINED FROM REIS OR ITS SERVICES SHALL CREATE ANY WARRANTY NOT EXPRESSLY STATED IN THESE TERMS AND CONDITIONS. SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OF CERTAIN WARRANTIES. AS A RESULT, SOME OF THE EXCLUSIONS ABOVE MAY NOT APPLY TO CERTAIN USERS.

Third Party Information Disclaimer

Certain information provided by Reis has been obtained from sources believed reliable. While Reis does not doubt the accuracy of this third party information, Reis has not verified the information and makes no guarantees, warranties or representations about this third party information. It is the User's responsibility to independently confirm the accuracy and completeness of any such third party information. The User assumes all risk of use. Neither Reis nor its partners or suppliers assume any responsibility for loss, damage or delay caused by the User's use of and/or reliance on the User's use of Reis's information, products or services.

Links to Third Party Web Sites

The ReisReports web site may contain hyperlinks to other web sites operated by parties other than Reis and its affiliates, which are beyond Reis's control. Parties other than Reis may provide services or sell product lines through links on the ReisReports web site that take the User outside of Reis's web site/Service. This includes links from advertisers, sponsors and content partners that may use Reis's logo(s) as part of a co-branding relationship. Reis does not control, is not responsible for examining or evaluating, and does not warrant the offerings of, any of these businesses or individuals or the content of their web sites. Reis does not assume any liability for the actions, product or content of all of these and any other third parties. Reis makes no representations and cannot be held responsible for the accuracy, relevancy, copyright compliance, legality, or decency of material on such third party web sites. When the User clicks on a link that leaves the ReisReports web site, the web site the User will land on is not controlled by Reis and different terms of use and privacy statements may apply. Reis also does not assume, and expressly disclaims, all liability for any viruses, worms, Trojan horses, defects, or other malfunctions caused by, resulting from, existing within, or in connection with such third party web sites and any links thereto.

This Agreement, and the Content provided by Reis, shall be governed by the laws of the State of New York, without reference to conflict of laws principles. The parties hereby consent to the exclusive jurisdiction and venue of the State and Federal courts sitting in New York City for the adjudication of any disputes or claims arising out of and/or related to the Service, the Content or these Terms and Conditions.

If any provision of these Terms and Conditions is found to be invalid or unenforceable by a court of competent jurisdiction, such provision shall be severed from the remainder of these Terms and Conditions, which shall remain in full force and effect.

The failure of Reis to exercise or enforce a legal right or remedy contained in these Terms and Conditions does not constitute a waiver of any such right or remedy. No waiver of any right, term or provision of these Terms and Conditions is deemed a waiver of any other right, term or provision. If a court of competent jurisdiction finds any provision of these Terms and Conditions to be invalid, User agrees that the remaining terms and provisions remain in full force and effect.

All notices to Reis must be in writing and must be sent registered mail, certified mail, or overnight mail with a return receipt requested to:

General Counsel

1185 Avenue of the Americas

30th Floor

New York, NY 10036

These Terms and Conditions (and any terms agreed to at the time of any purchase) constitute the entire agreement between the parties and supersede all previous agreements and understanding, whether oral or written, between the parties hereto with respect to the subject matter of these Terms and Conditions.

Restrictions on Non-Users

Each individual or entity that is not a registered User (a "Non-User") is hereby notified that he, she or it is not permitted to view, use, display or distribute any Content (as defined below), no matter how such Content comes into the Non-User's possession, except that the Non-User may view or use (but not display or distribute), for the Non-User's personal use, any Content received from a User in compliance with these Terms and Conditions. Any view or use of any Content shall constitute the Non-User's agreement to comply with the following provisions of these Terms and Conditions, as if he, she or it were a "User" (excluding any provisions authorizing distribution or display of Content):

If the Non-User does not agree to comply with these Terms and Conditions, he or she must destroy all copies of the Content in his or her possession and refrain from any viewing or other use of such Content.